Latest news with #NOIDA
India Today
11 hours ago
- Business
- India Today
NOIDA is now tax-free. Check who benefits and how
NOIDA has just earned itself a new label, i.e, 'tax-free'. But what does this really mean for the city, its businesses, and its people? The news has already stirred up interest among builders, shopkeepers, and investors Central Board of Direct Taxes (CBDT) recently notified that the New Okhla Industrial Development Authority (NOIDA) will enjoy tax-free status under Section 10(46A) of the Income-tax Act, beginning from the assessment year 2024–25. CA (Dr) Suresh Surana points out, however, that there's more to this than meets the its press note dated 17 July 2025, the CBDT clarified, 'This notification shall be effective from the assessment year 2024-2025, subject to the condition that the assessee continues to be an authority constituted under the Uttar Pradesh Industrial Area Development Act, 1976 (U.P. Act No.6 of 1976) with one or more of the purposes specified in sub-clause (a) of clause (46A) of section 10 of the Income-tax Act.' Surana pointed out, 'It is important to note that this exemption is limited solely to income tax and may not extend to other statutory levies.'He further explains that this special relief comes with conditions: 'The so-called 'tax-free' status should not be misconstrued as a blanket exemption from all forms of taxation. It is a specific fiscal relief aimed at supporting NOIDA's public infrastructure and developmental responsibilities by relieving it from the burden of income tax, provided it continues to fulfil the statutory conditions outlined in the notification.'SO, WHAT'S TAX-FREE, AND WHAT'S NOT?In simple terms, only NOIDA's income tax burden is waived. Surana clarifies, 'This exemption is limited solely to income tax and may not extend to other statutory levies.'So, while NOIDA will continue to collect fees and charges, it no longer needs to pay income tax on the money it earns from rents, fees, or grants, as long as it sticks to its main job of urban planning and development for the public BUSINESSES COULD GAINThough the tax break applies directly only to the authority, businesses in NOIDA could feel a welcome ripple effect. With more money left in its kitty, the authority is expected to boost spending on roads, water supply, public transport, industrial zones, and other civic works.'Businesses operating in NOIDA may experience indirect financial benefits,' Surana says. He explains, 'While the exemption itself applies to NOIDA and not directly to private enterprises, it can lead to cost efficiencies and improved infrastructure for businesses functioning within its jurisdiction.'Better roads and quicker approvals mean smoother operations, fewer hold-ups and less red tape. Over time, Surana says, 'This may enhance its capacity to reinvest in civic infrastructure, industrial development, public utilities, and urban planning. Over time, this could translate into better services, quicker project approvals, and improved amenities for commercial establishments operating in the area.'NO EXPIRY DATE, BUT THERE'S A CATCHadvertisementMany wonder how long this tax-free status will last. There is no deadline, but there's a clear condition. The exemption will continue as long as NOIDA sticks to its original role of public development under the Uttar Pradesh Industrial Area Development Act, Surana sums up, 'The tax-free status applies from AY 2024–25 onwards and continues indefinitely, without a preset end date provided NOIDA remains legally constituted under its enabling Act and carries out the specified public-interest functions.'WHY THIS MATTERS FOR NOIDA'S FUTUREAt a time when cities are competing hard to attract businesses and investors, this tax relief could give NOIDA a fresh edge. If managed well, the extra funds could mean smoother roads, quicker building clearances, and better facilities, making life easier for companies and residents the new tag doesn't mean a free pass for everyone, the hope is that NOIDA's 'tax-free' badge, used wisely, will help the city grow faster, smarter, cleaner and more business-friendly in the years ahead.- Ends
News18
2 days ago
- Business
- News18
Big Boost For NOIDA: CBDT Grants Tax Relief On Public Utility Income; Know It Means
Last Updated: Starting from Assessment Year 2024–25, NOIDA is exempt from income tax on non-commercial earnings under Section 10(46A), enabling more investment in public infrastructure. News18 The New Okhla Industrial Development Authority in short 'NOIDA' won't have to pay income tax on certain earnings, thanks to a new exemption under Section 10(46A) of the Income Tax Act. It is effective from the Assessment Year 2024–25, The Central Board of Direct Taxes (CBDT) made it official with the new notification. Let's break down what this means and why it's a big deal. What's Exempt and What's Not? This tax break applies to NOIDA's non-commercial income—like rent, service fees, and government grants. Since NOIDA was set up under the Uttar Pradesh Industrial Area Development Act of 1976, it qualifies as a public utility body, making it eligible for this relief. But there's a catch: any money NOIDA makes from commercial or profit-driven activities will still be taxed as usual. Why This Matters A senior official put it simply as quoted by several media reports: this exemption lets NOIDA keep more of its money to invest in public infrastructure. It can focus on building better roads, improved housing, upgraded drainage systems, and smoother transport—without raising local taxes or fees. For businesses in the area, this could mean faster project approvals, better industrial facilities, and more efficient public services. How It Benefits Residents and Businesses For those living in NOIDA, this is a win. The extra funds could lead to noticeable upgrades in their daily life—smoother roads, better public transport, or improved urban planning. Businesses can expect a boost too, with NOIDA likely to streamline services and improve industrial infrastructure, making it easier to get projects off the ground. This exemption puts NOIDA in the same league as Sovereign Wealth Funds and Pension Funds that support infrastructure in India. view comments Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Mint
4 days ago
- Business
- Mint
No tax in NOIDA? CBDT gives THIS exemption under Income Tax Act — what it means for residents, businesses
New Okhla Industrial Development Authority (NOIDA) will not be required to pay income tax, after a major exemption under Section 10 (46A) of the Income Tax Act, starting from assessment year 2024–25. The Central Board of Direct Taxes (CBDT) issued a notification on July 17 granting NOIDA, an authority constituted under the Uttar Pradesh Industrial Area Development Act, 1976, an exemption for performing non-commercial roles. According to the latest notification, income from public utility services like rent, fees, and government grants will no longer be taxed as per Section 10 (46A) of the Income Tax Act. However, any commercial or profit-driven activities conducted by NOIDA will still be fully taxable. The notification issued by CBDT read, 'In exercise of the powers conferred by sub-clause (b) of clause (46A) of section 10 of the Income-tax Act, 1961 (43 of 1961), (hereinafter referred to as 'the Income-tax Act'), the Central Government hereby notifies 'New Okhla Industrial Development Authority' (PAN: AAALN0120A) (hereinafter referred to as 'the assessee'), an authority constituted under the Uttar Pradesh Industrial Area Development Act, 1976 (U.P. Act No. 6 of 1976), for the purposes of the said clause.' The benefits of the latest rule for residents will most likely include improved conditions of roads, housing facilities, transportation, and drainage systems without the imposition of increased local taxes. The exemption will reportedly result in quicker approval of projects and better industrial infrastructure for businesses, even though the tax liabilities remain the same. However, the tax department has issued a condition under this exemption. NOIDA will be required to maintain clear records distinguishing between exempt and non-exempt income to avail the tax benefits. Disclaimer: This article is for informational purposes only and does not constitute legal, tax, or financial advice. Readers are advised to consult with qualified tax professionals, legal advisors, or financial consultants before making any decisions regarding offshore residency, taxation, or business restructuring. Tax laws are subject to change and may vary based on individual circumstances.
Indian Express
22-06-2025
- Business
- Indian Express
Punjab Cabinet decisions: Chief secretary to be chairperson of town planning & development board
The Punjab Cabinet Saturday gave powers of chairman of the Punjab Regional and Town Planning and Development Board (PRTPD) to chief secretary of Punjab. With the development, the chief secretary will give approval nod to all development projects initiated by various development authorities in the districts of the state. The chief secretary will now be the chairperson of the Board regulating the GMADA, GLADA, PDA (Patiala development Authority), BDA (Bathinda), JDA (Jalandhar), ADA (Amritsar), Anandpur Sahib Urban development Authority, Dera Baba Nanak Urban development Authority. Finance Minister Harpal Singh Cheema said that the Cabinet gave its nod to amend Section 29 (3) of the PRTPD Act, on the pattern of Ahmedabad Urban Development Authority (AUDA), New Okhla Industrial Development Authority (NOIDA), Meerut, Kanpur, Lucknow and others. Earlier, the Chief Minister was chairman of the authority. Cheema said that the Chief Minister has been busy with other engagements and the work of authorities was adversely affected. Hence, the Chief Secretary has been given the powers. He added, 'Nevertheless, all the projects, cleared by the Chief Secretary as chairman will be passed by the Chief Minister in the Cabinet.' Meanwhile it was also decided to include departments of Revenue, industry, Water Supply & Sanitation and others in the development authorities. Later in the evening, the government issued a statement saying that 'in a landmark decision reflecting visionary leadership, the Chief Minister has proactively decided to delegate the Chairmanship of all Urban Development Authorities to the chief secretary. This bold reform is aimed at strengthening decentralised governance, speeding up decision-making, and empowering the administrative setup to act swiftly on ground-level issues.' The statement added that previously, these authorities had inconsistent structures. Now, the Cabinet has approved a uniform framework across all 8 authorities, with Deputy Commissioners and Municipal Commissioners included as members—ensuring that local matters are resolved efficiently at the authority level itself. The decision is based on a comprehensive review of national models, where such bodies are headed by IAS officers or Ministers—not Chief Ministers—as seen in Ahmedabad, NOIDA, Kanpur, Bangalore, and others. By delegating routine matters, the CM has ensured that strategic oversight remains focused on larger state priorities, while operational decisions are handled promptly, the statement added. 500 posts to be filled in jails The Cabinet gave its concurrence to fill 500 vacant posts of Assistant Superintendents, Warder and Matron under direct recruitment quota in the Jails Department, Punjab. This recruitment will include 29 Assistant Superintendents, 451 Warder and 20 Matron, which will be done by Punjab Subordinate Services Selection Board, thereby helping to beef up the security in the jails. This move will act as a catalyst in further streamlining the functioning of the jails besides helping in making them safe and secure. Ex-post facto approval The Cabinet also gave Ex-post facto approval for the constitution of the High-Powered Cabinet Sub Committee to intensify the 'War on Drugs' program of the State of Punjab. This move will further help in day to day scrutiny of the ongoing war against drugs thereby making Punjab free from the menace of drugs and wean away the youth of state from this scourge. Punjab fire and emergency services The Cabinet also gave nod for Framing of Punjab Fire and Emergency Services (Validity of Fire Safety Certificate) Rules, 2025. This will enable the state Government to prescribe the per…
Economic Times
09-05-2025
- Business
- Economic Times
Supreme Court upholds toll-free status for DND Flyway, ending controversy over toll charges
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The DND flyway will remain toll-free, as the Supreme Court of India on Friday dismissed the Noida Toll Bridge Company 's petition seeking a review of its December order that prohibited the company from collecting toll charges on the Delhi-Noida Direct (DND) flyway, a crucial route connecting Delhi and Noida, Uttar DND flyway, which has been operational since 2001, has drastically reduced traffic congestion and travel time between Delhi and Noida. Before the Allahabad High Court decision that halted the collection of these toll charges, commuters were charged Rs 28 for a one-way trip or Rs 56 for a round trip on the the counsel, appearing for the toll firm, on Friday said that the Comptroller and Auditor General (CAG) report relied upon by the apex court had some positive remarks on the company that the SC order did not reflect, a Bench led by Justice Surya Kant dismissed the petition, saying the CAG report was an 'eye opener' and the company had "minted a lot of money".The top court, however, while referring to NTBCL official Pradeep Puri petition seeking deletion of personal remarks against him in the judgement, said it would reproduce the CAG report in this on the development in the SC, NTBCL in its official statement said that it 'would be evaluating further legal options, with a view to continue safeguarding the interest of the company, the flyway, stakeholders and nearly 60000 investors.'On December 20, in a big relief to commuters, the apex court had upheld a 2016 decision by the HC halted the collection of these toll charges, while dismissing the NTBCL's the New Okhla Industrial Development Authority (NOIDA) for allowing a toll company to exploit users indefinitely, the apex court said the contract awarded to NTBCL through a Concession Agreement by state authorities and NOIDA was unfair, unjust and inconsistent with Constitutional norms and NOIDA exceeded its authority by delegating the power to levy fees or impose tolls to the company, 'rendering such delegation invalid.'The Concession Agreement was executed between NTBCL, Noida and the Infrastructure Leasing and Financial Services Limited (IL&FS) in 1997 for the construction of the eight-lane DND flyway, stretching 9.2 km from Noida to Delhi, under the build-own-operate-transfer model. NTBCL, which was promoted by Infrastructure Leasing & Financial Services, had the rights to collect and levy a report from the CAG, the bench noted that NTBCL had already recovered both the construction cost and a fair profit since the flyway opened in 2001. "The sum of Rs 1,136 crore, i.e. the total expenses incurred by NTBCL are based on the statutory accounts from 2001 to March 2016. This sum includes all the unrecovered project costs added before the date of commissioning of the project and the inflated and unnecessary expenditures undertaken by NTBCL such as, travelling expenses, legal fees, extraordinary salaries and bonuses to employees, etc," it said, adding "it seems to us that no person or entity can be allowed to make an undue and unjust profit from public property, at the cost of the public at large."The Federation of Noida Residents Welfare Associations had moved the HC challenging the levy and collection of toll in the name of 'user fee' by NTBCL.
